Short Interest in Artesian Resources Corporation (NASDAQ:ARTNA) Rises By 19.7%

Artesian Resources Corporation (NASDAQ:ARTNA) saw a large growth in short interest in February. As of February 27th, there was short interest totaling 107,897 shares, a growth of 19.7% from the February 12th total of 90,163 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily trading volume, of 27,902 shares, the days-to-cover ratio is presently 3.9 days. Based on an average daily trading volume, of 27,902 shares, the days-to-cover ratio is presently 3.9 days. Currently, 1.3% of the shares of the company are sold short.

Artesian Resources Price Performance

ARTNA stock opened at $31.93 on Tuesday. The firm has a 50 day moving average of $33.20 and a 200-day moving average of $32.61. The firm has a market capitalization of $329.20 million, a P/E ratio of 14.38 and a beta of 0.36. Artesian Resources has a 12 month low of $30.50 and a 12 month high of $36.19. The company has a current ratio of 0.68, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings data on Thursday, March 12th. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. Artesian Resources had a return on equity of 9.57% and a net margin of 20.76%.The company had revenue of $28.02 million during the quarter, compared to analyst estimates of $28.00 million. As a group, sell-side analysts predict that Artesian Resources will post 1.92 earnings per share for the current fiscal year.

Artesian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were paid a $0.3136 dividend. This represents a $1.25 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Friday, February 13th. Artesian Resources’s dividend payout ratio is currently 56.31%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. Zacks Research upgraded Artesian Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Institutional Trading of Artesian Resources

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of Artesian Resources during the third quarter valued at approximately $38,000. Jones Financial Companies Lllp grew its stake in shares of Artesian Resources by 39.7% in the third quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 408 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Artesian Resources by 44.6% during the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock valued at $55,000 after purchasing an additional 503 shares during the period. Copeland Capital Management LLC bought a new position in Artesian Resources during the 4th quarter valued at approximately $63,000. Finally, BNP Paribas Financial Markets lifted its holdings in Artesian Resources by 422.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock worth $125,000 after buying an additional 3,005 shares during the period. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

Artesian Resources Company Profile

Artesian Resources Corporation (NASDAQ: ARTNA) is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.